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Report Date : |
15.09.2012 |
IDENTIFICATION DETAILS
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Name : |
TALENT WEAVING
DYEING & PRINTING
LTD. |
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Registered Office : |
7/F., Wing Ming Industrial Centre, |
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Country : |
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Date of Incorporation : |
23.03.2005 |
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Com. Reg. No.: |
35506770 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of piecegoods (Woven or blended), etc. |
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No. of Employees : |
25 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
HONG KONG - ECONOMIC OVERVIEW
Hong Kong has a free market economy, highly dependent on international
trade and finance - the value of goods and services trade, including the
sizable share of re-exports, is about four times GDP. Hong Kong's open economy
left it exposed to the global economic slowdown that began in 2008. Although
increasing integration with China, through trade, tourism, and financial links,
helped it to make an initial recovery more quickly than many observers
anticipated, it again faces a possible slowdown as exports to the Euro zone and
US slump. The Hong Kong government is promoting the Special Administrative
Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong
Kong residents are allowed to establish RMB-denominated savings accounts;
RMB-denominated corporate and Chinese government bonds have been issued in Hong
Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB
conversion quota set by Beijing for trade settlements in 2010 due to the growth
of earnings from exports to the mainland. RMB deposits grew to roughly 7.8% of
total system deposits in Hong Kong by the end of 2011, an increase of over 59%
since the beginning of the year. The government is pursuing efforts to
introduce additional use of RMB in Hong Kong financial markets and is seeking
to expand the RMB quota. The mainland has long been Hong Kong's largest trading
partner, accounting for about half of Hong Kong's exports by value. Hong Kong's
natural resources are limited, and food and raw materials must be imported. As a
result of China's easing of travel restrictions, the number of mainland
tourists to the territory has surged from 4.5 million in 2001 to 28 million in
2011, outnumbering visitors from all other countries combined. Hong Kong has
also established itself as the premier stock market for Chinese firms seeking
to list abroad. In 2011 mainland Chinese companies constituted about 43% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 56% of the
Exchange's market capitalization. During the past decade, as Hong Kong's
manufacturing industry moved to the mainland, its service industry has grown
rapidly. Growth slowed to 5% in 2011. Credit expansion and tight housing supply
conditions caused Hong Kong property prices to rise rapidly in 2010 and
inflation to rise 5.3% in 2011. Lower and middle income segments of the
population are increasingly unable to afford adequate housing. Hong Kong
continues to link its currency closely to the US dollar, maintaining an
arrangement established in 1983.
|
Source
: CIA |
TALENT WEAVING
DYEING & PRINTING
LTD.
7/F., Wing Ming
Industrial Centre, 15 Cheung Yue Street, Lai Chi Kok, Kowloon, Hong Kong.
PHONE: 2262 5842
FAX: 3580 8268
Managing
Director: Mr. Chau Kwai Cheong
Incorporated on: 23rd March, 2005.
Organization: Private Limited Company.
Capital: Nominal: HK$5,000,000.00
Issued: HK$5,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 25.
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
TALENT WEAVING
DYEING & PRINTING
LTD.
Registered
Head Office:-
7/F., Wing Ming
Industrial Centre, 15 Cheung Yue Street, Lai Chi Kok, Kowloon, Hong Kong.
Holding
Company:-
Union Joyce Ltd.,
Hong Kong.
Associated
Companies:
Ming Yuen Textiles
Ltd., Hong Kong.
Talent Weaving
Dyeing & Printing (HK) Ltd., Hong Kong.
Zhangjiagang
Talent Weaving Dyeing & Printing Ltd., China.
35506770
0958171
Managing
Director: Mr. Chau Kwai Cheong
Contact
Person: Mr. Yung Sum
Nominal Share
Capital: HK$5,000,000.00 (Divided into5,000,000 shares of HK$1.00 each)
Issued Share Capital:
HK$5,000,000.00
(As per registry dated 23-03-2012)
|
Name |
|
No.
of shares |
|
Union
Joyce Ltd., Hong Kong. |
|
4,000,000 |
|
Billion Lead Investment Ltd., Hong Kong. |
|
1,000,000 |
|
|
|
–––––––– |
|
|
Total: |
5,000,000 ======= |
(As per registry dated 23-03-2012)
|
Name (Nationality) |
Address |
|
YIU Fung Kuen |
7/F., Wing Ming Industrial Centre, 15
Cheung Yue Street, Lai Chi Kok, Kowloon, Hong Kong. |
|
CHAU Kwai Cheong |
7/F., Wing Ming Industrial Centre, 15
Cheung Yue Street, Lai Chi Kok, Kowloon, Hong Kong. |
YIU Fung Kuen (As per registry dated 23-03-2012)
The
subject was incorporated on 23rd March, 2005 as a private limited liability
company under the Hong Kong Companies Ordinance.
Originally
the subject was registered under the name of Talent Textiles Ltd., name changed
to the present style on 9th April, 2005.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of piecegoods (Woven or blended), etc.
Employees: 25.
Commodities Imported: China, other Asian countries, etc.
Markets: China, other Asian countries, Europe, North America, Scandinavia, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
Bank of China (Hong Kong) Ltd., Hong Kong.
CITIC Bank International Ltd., Hong Kong.
Standing: Normal.
Having
issued 5 million ordinary shares of HK$1.00 each, Talent Weaving Dyeing &
Printing Ltd. is jointly owned by two Hong Kong-registered firms: Union Joyce
Ltd., holding 80% interests, and Billion Lead Investment Ltd., holding 20%.
The
directors of the subject Ms. Yiu Fung Kuen and Mr. Chau Kwai Cheong are Hong
Kong merchants.
The
subject is trading in the following products:-
·
Piecegoods ‑ Vegetable Fibre
(Woven);
·
Piecegoods ‑ Blended
(Woven); &
·
Piecegoods ‑ Synthetic
(Woven).
Products
are exported to Eastern Europe, North America, Scandinavia, Western Europe,
etc. Business is normal.
The
subject has had a main associated company in China known as Zhangjiagang Talent
Weaving Dyeing & Printing Ltd. [Zhangjiagang Talent].
Established
in 2005, Zhangjiagang Talent is specialized in producing Yarn Dyed Woven
fabric, such as poplin, twill, dobby, seersucker, crepe, etc. Equipped with imported machines, completed
quality control system and well-trained workers, Zhangjiagang Talent is able to
produce products in conformity with local and international middle-high
standards.
Since
2006, Zhangjiagang Talent’s customers have been coming from worldwide countries,
among which 70% from the United States, and 30% from Europe.
It
is are also looking for new buyers both in China and abroad. With professional teams in R&D,
production, quality control & sales, Zhangjiagang Talent believes it can
provide customers with improving services for more buyers than today.
Covering
an area of 186,500 sq.m. and with a total investment of US$29.8 million,
Zhangjiagang Talent is also owned by Mr. Chau Kwai Cheong. Most of its production lines were imported
from Belgium, Germany, and Italy. It
also has been equipped with 200 air blowing weaving machines imported from
abroad. 300 more weaving machines will
be installed in the years ahead. At
present, the annual production capacity of Zhangjiagang Talent is about 20
million metres of coloured woven fabrics, and will be increased to 45 million
metres in the immediate future.
Zhangjiagang
Talent will further diversify its business to garment manufacturing in future
and developing its own trade marks.
The
main functions of the subject are raw materials sourcing, products marketing,
payments settling for its associated factory in China.
The
subject is able to make a small profit every year.
As
the history of the subject is over seven years and five months in
Hong Kong, on the whole, consider it good for normal business engagements.
|
Date |
Particulars |
Amount |
|
28-04-2010 |
Instrument: Deed
of Indemnity, Charge Over Deposit(s) and Set-Off (the “Deed”) Property: All the Company’s estate, right, title,
claim, benefit and interest to and in the Deposit(s) and all interest from
time to time payable thereon and together with all title deeds or documents
relating thereto. Mortgagee: Bank
of China (Hong Kong) Ltd., Hong Kong. |
All monies in respect of general banking facilities granted to Ming
Yuen Textiles Ltd. |
|
28-04-2010 |
Instrument: Deed
of Indemnity, Charge Over Deposit(s) and Set-Off (the “Deed”) Property: All the Company’s estate, right, title,
claim, benefit and interest to and in the Deposit(s) and all interest from
time to time payable thereon and together with all title deeds or documents
relating thereto. Mortgagee: Bank
of China (Hong Kong) Ltd., Hong Kong. |
All monies in respect of general banking facilities granted to Talent
Weaving Dyeing & Printing Ltd. |
|
06-05-2010 |
Instrument: Charge
on Cash Deposit(s) Property: The Chargor, a beneficial owner, charges
and agrees to charge to the Bank by way of first fixed charge: Mortgagee: CITIC
Ka Wah Bank Ltd., Hong Kong. [Now
known as CITIC Bank International Ltd.] |
As a continuing security for the Secured Liabilities. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.72 |
|
|
1 |
Rs.88.60 |
|
Euro |
1 |
Rs.71.34 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.